The sell off was further increased by more Covid-19 cases, and possibly more importantly, oil falling 20% due to Saudia Arabia and Russia not coming to an agreement. Trump is buying oil, and many places are taking precautionary measures. The major index futures hit target prices Thursday night, and bounced Friday. Hopefully (hope isn't a strategy!) those were the lows. Large patterns have formed to around 40% lower. We need new highs to null them.
Note: There is a lot of "noise" (target prices and necklines denoted yellow indicating that pattern target price has hit) on these charts. Often hit target prices and their necklines act as support/resistance, so they are still on there for future reference.
Note: There is a lot of "noise" (target prices and necklines denoted yellow indicating that pattern target price has hit) on these charts. Often hit target prices and their necklines act as support/resistance, so they are still on there for future reference.
The S&P has fallen and hit target price at 2389 and then bounced up 8%.
The S&P needs to hold the recent lows to avoid triggering a vM to 1369.5 (-40% from the recent low.)
The Russell fell and hit vM 1114.9 formed in Dec 2018.
Needs to hold recent lows to avoid further selling towards 870.2,
which was triggered and un-triggered by Thursday night/ Fridays price action.
The Nasdaq came close to hitting vM 686.25 before bouncing.
It's currently sitting on a neckline for vM to 5701.5
Needs to hold recent lows to avoid further selling.
The Dow hit vM 21242
Needs to hold recent lows to avoid further selling towards 12797
Bonds hit a vW at 243'25, and have so far reversed.
Short term treasuries have formed head and shoulder patterns, but do have much larger patterns higher.
2 Year
10 Year
Lots of "noise" on this chart.
Oils fell 20% when Russia and Saudia Arabia couldn't come to a deal.
vM's to 25.58, 24.39, and 19.91 are triggered.
The Dollar came within .10 of vM 94.600, which was right at neckline for vW 101.215
If can hold recent lows, expecting vW 101.215
Gold has formed and triggered vW's to 1437.8 and 1405.2
Copper has triggered vM to 1.85
Still looks like a lot of pressure on it.
Needs markets to rise to turn around.
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